30/05/2016 - 12:59

More Panoramic jobs go

30/05/2016 - 12:59

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Nickel miner Panoramic Resources has made a further 70 job cuts at its Savannah mine in the Kimberley, with the remaining workforce at the site to be made redundant in the coming months.

More Panoramic jobs go
Panoramic's Savannah mine has moved into care and maintenance.

Nickel miner Panoramic Resources has made a further 70 job cuts at its Savannah mine in the Kimberley, with the remaining workforce at the site to be made redundant in the coming months.

Panoramic announced today that nickel production at Savannah had ceased 10 days ago, with all ore stockpiles depleted.

The mine has been moved into care and maintenance, with the remaining workforce to be made redundant after completion of a site clean-up program, which is scheduled for June.

About 50 jobs were cut at Savannah in January when Panoramic announced the mine would be put on care and maintenance.

Panoramic plans to complete a feasibility study on the project, as well as undertake further exploration to grow the mine’s resource base.

“Until these work streams are completed, the company is not able to provide guidance on the Australian dollar nickel price required for a restart and therefore the potential timetable for a restart,” Panoramic said in a statement.

Panoramic also said its $10.7 million entitlement offer was successful, with major shareholder and underwriter Zeta Resources now holding a 24.7 per cent stake in the company.

Panoramic shares were 4.3 per cent lower to 11 cents each at 1pm.

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